New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-18
CASH WHEAT BROKE THE CLIQUE.

HOW THE MEN IN THE CHICAGO DEAL MIscALcU-
LATEp-wuERE THE MONEY CAME FRoM--oNE
CHICAGO. June II (S1scdb.-A member OF one OF the
clique firms today cleared up OF the secrets OF the
attempted wheat The clique had about S4Oooooo
OF its money hero with which to margin the cash
wheat and options. There mover was moment up to
Monday when there any hitch in monetary mat
ters The trouble then probably from the enor
arrival. OF cash wheat 1t had not been anticipated
that the cash wheat receipts I'm June would average more
than 300 cars day. aggregate more than oooo lot
the month There 5000 cars received In the FIRST
ten days and 1t was plain that important calculation
had miscarricd
The clique men came from Clevelend. philadelphia,
Cincinnati and New-Yor. The 100000 brought here
on Wednesday consisted Of four 100000 drafts
OF tho Fidelity Bank, Philadelphia. and
letter OF credit for 100000 from the
Fidelity Bank OF Cincinnati The only money ever taken
out of the S The c clique wSr o as
Prison and was once drawn shot In quietly talk
6s his Gn az c he
found, was ncomparaby worse than anything nc sur
Kershsw has got 10 funds and will not get any
more There are now so many @ Legal p
nndoubtedly rH% be % swallowed up without doing
any body in the trade much good. 81. .. TIC TIC
geson the special partner whose liability general
p,rtnor claimed Is putting his property out OF his
Charles Heprotin the suspended banker said tonight
that OF 100000 liabilities Wednesday he nad
lQuidated 100000 and expected In day or two the
balance would be reduced 20 100000 lie Is conndent
OF ultimately paying In full
H. ID. Wadhams Co. have requested all
parties having trades with them TO close them
out Wadhams Il Co. have been In business
here about six years. The company is nominal Mr..
Wadhams says the previous failures affected him beyond
his expectations ns deals IN the nGgbborhood OF
million bushels tits thou gh his net loss VIII be about
$4,000.
BROKERS EXCITED, But NO ONE FAILS
The coffee brokers excited again yesterday
by tho reports Of heavy failures In RIO de Janeiro
and the market was weak under heavy realizatlons
Rumors few thick and fast Of the shahy condition Of
NewYork houses, but they could not be traced to
any responsible and the day went by without
unfortunate developments. Tho market opened on
about one cent OH drop Of 1--WE francs I'm Havre,
and the announcement that two large Brazil houses
had gone into liquidation. The extromc decline OF
the day was about two cents, but n late recovery
left the losses at about I = cents per pound
The Rio firms whose iquid;ftOns were reported were
Derta COtrim ( Co. and Muir i CO. They are sup
posed 10 De the leaders OF the BRAZILIAN syndicate
whose failure To carry their hide deal through pulled
down Arnold & Co aud two othcr smaller bOhengc
Arnold & 60. yesterday, as had been expected. The
firm stated that they had not been able 10 nTare
their ~ liabilities and asset. IL j. under
stood, however that they waiting upon the aitl-
tudc OF their Brazilian principals. An attachment
was procured from Jude Lawrence yesterday a1a,ist
a heavy consignment ~ coffee ~ arrive, shipped by
the RIO houses that have gone into Hqmdlton. The
amount 10 bc seized Il said 10 be about 100000,
and uron tho result Of this action will largely depend
no fulI sclflemeut with ditOr- by Arnold & Co.